Client announced that it signed a land lease contract with Abdullatif Al-Shaikh and Fahad Al Mushrif, to construct and the schools complex. The contract is void in case of non-issuance of licenses to use the land as an educational complex by the concerned authorities within a period of six months from the contract’s signing date. The contract term is 27 years, starting from licenses’ issuance date, in addition to a grace period of two years that does not entail any rental value.
Client approved the construction of the educational complex. The estimated total BUA is 20,200 sqm, with a capacity of nearly 2,500 students. The project include construction, air conditioning, elevators, theatres, furnishing, as well as the technical devices, and they will start operations as of the academic year 2024/2025. These fall under the company's growth strategy to generate returns. Work is expected to begin in Q3 2023 and the projects will be financed from the company's internal resources as well as bank facilities. Construction works are expected to be finalized in Q4 2024, with the relevant financial impact to start as of launch of operations in Q1 2025. Legend Contracting Co. as been awarded the main contract in this project. Several suppliers will be contracted for furnishing the educational complexes at a later stage.
Foundation works are currently in progress on this scheme.
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